A home is often considered a person’s most valuable asset. But what happens to your home after you die? Estate planning is an important and often overlooked process that can greatly benefit you and your loved ones once you’ve passed away. Here is a checklist to help:
- Itemize your inventory
- Follow with non-physical assets
- Assemble a list of debts
- Make a list of memberships
- Make copies of your lists
- Review your retirement accounts
- Update your insurance
- Assign transfer on death designations
- Select a responsible estate administrator
- Draft a will
- Regularly review your documents
- Visit an estate attorney and/or financial planner
- Simplify your finances
- Complete other important documents
- Power of attorney
- Healthcare proxy
- Living will/Trust
- Take advantage of college funding accounts for your grandchildren
Estate planning is never easy and often overwhelming. However, it’s best not to put this off. Set time aside to tackle this so you will have the peace of mind knowing you are prepared.
